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DACH
February 5, 2024
MRH Trowe completes four more German acquisitions
AnaCap, the London-based investment group that focuses on European mid-sized technology and services firms, has announced that its German industrial broking business MRH Trowe has completed four bolt-on acquisitions in…
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Market
February 5, 2024
The Hartford’s commercial lines net income up 28%
The Hartford’s commercial lines 2023 net income rose 28% to $2.09bn as the carrier became the latest to post very strong results following insurance market hardening. Commercial lines core earnings…
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Executive & D&O
February 5, 2024
Zurich North America launches multinational Side A D&O cover
A new standalone Side A D&O insurance coverage option for US-based multinational companies with non-US board members and officers has been launched by Zurich American Insurance Company. The new Side…
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Legal & Regulation
February 5, 2024
Zurich sets out counterclaim in Greensill Bank litigation
Zurich Insurance told a London court that it denied trade credit insurance payments to Greensill Bank, the German banking subsidiary of collapsed supply chain finance firm Greensill Capital, on grounds…
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France
February 5, 2024
Political risks and fire jump up French ranking as energy crisis and economy fall
Fire and explosion, climate change, political risks and changing regulation have risen up the ranking among French firms taking part in this year’s Allianz Risk Barometer. The energy crisis and…
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People Moves
February 5, 2024
WTW names Borgman head of GB affinity
WTW has appointed Anthony Borgman to the newly created role of head of affinity, Great Britain. The broker said the new position will help expand its global affinity business, following…
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Market
February 5, 2024
Aon reserves $197m for Vesttoo settlements as net income dips in 2023
Aon reserved $197m in the fourth quarter of last year for legal settlements related to its involvement in the Vesttoo scandal, which hit fourth-quarter numbers and saw the broker post…
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Supply Chain
February 2, 2024
Supply chain switching triggers fresh risks for companies in 2024
Supply chain diversification and a string of elections are set to become the leading global risks for business in 2024, according to Verisk Maplecroft, which warns that companies reorganising their…
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Pandemic
February 2, 2024
European health leaders warn of continued pandemic threat
As memories of the Covid-19 pandemic fade – to be replaced by concerns over more pressing threats such as the conflict in Gaza, supply chain issues and the war in…
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CRE Insurance
February 2, 2024
AM Best gives thumbs up to Hadron’s Folgate acquisition
AM Best has placed under review with positive implications the Financial Strength Rating of UK carrier Folgate Insurance, following the announcement that the group, which originally launched in 1887, has…
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Market
February 2, 2024
Axis bullish on specialty lines despite reserve hit
Bermuda-based specialty insurer and reinsurer Axis Capital assured shareholders and policyholders that its underlying business is firmly on track despite posting a net loss of $150m and operating loss of…
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Market
February 2, 2024
Liberty Mutual announces 250 more layoffs
Liberty Mutual is laying off a further 250 people as part of its ongoing restructuring. The latest job cuts affect staff in its US retail markets, its global risk solutions…
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Market
February 2, 2024
US P&C underwriting loss expected for 2023
The US P&C industry is poised to post another underwriting loss for 2023, as record levels of severe convective storms hit results, according to a report by the Insurance Information…
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North America
February 2, 2024
Delicate balancing act for North American insurers
North American insurers face a delicate balancing act in 2024, according to Fitch Ratings. It said with recession at bay and inflation cooling, North American insurers will balance growth opportunities…
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Supply Chain
February 1, 2024
Supply chain risk management not up to scratch at nearly two-thirds of firms, survey finds
Unpredictable demand is currently seen as the number one supply chain headache for European companies, and voted a bigger risk than scarcity of materials, wars, climate change and cyber, finds…
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GRM Insurance
February 1, 2024
$100bn insured losses now the norm as secondary perils grow
Last year saw a global insured loss exceeding $100bn, the fourth consecutive year of such losses, and a total economic loss surpassing $350bn. As WTW notes in its latest Natural…
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Cyber & Technology
February 1, 2024
New head of proactive cyber at CFC
Jason Hart has joined specialist cyber insurer CFC as head of proactive cyber. In this newly created role, Hart will be responsible for leading the continued development of CFC’s cyber…
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Legal & Regulation
February 1, 2024
Bayer to appeal $2.25bn Roundup damages award
German pharmaceutical firm Bayer has said it will appeal a court judgement to pay an “excessive” $2.25bn in damages to a claimant in the latest Roundup litigation. A Philadelphia jury…
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Energy
February 1, 2024
Scor to lead new offshore energy consortium at Lloyd’s
Scor has launched an offshore renewable energy insurance consortium within Lloyd’s that has increased the French firm’s total deployable capacity for this risk to more than $180m. Scor said the…
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Aviation
February 1, 2024
Russian insurer NSK pays $2.5bn to aircraft lessors: Reuters
About a quarter of the 400 aircraft leased to Russian airlines and left stranded after the country’s invasion of Ukraine have received settlement payments totalling $2.5bn, according to Reuters. Earlier…